{"id":533023,"date":"2022-12-30T23:22:36","date_gmt":"2022-12-30T20:22:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-luxury-housing-market-hits-sharpest-skid-on-record-data\/"},"modified":"2022-12-30T23:22:36","modified_gmt":"2022-12-30T20:22:36","slug":"us-luxury-housing-market-hits-sharpest-skid-on-record-data","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-luxury-housing-market-hits-sharpest-skid-on-record-data\/","title":{"rendered":"#US luxury housing market hits sharpest skid on record: data"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a289beb357fb\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a289beb357fb\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-luxury-housing-market-hits-sharpest-skid-on-record-data\/#%E2%80%9CUS_luxury_housing_market_hits_sharpest_skid_on_record_data%E2%80%9D\" >&#8220;US luxury housing market hits sharpest skid on record: data&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CUS_luxury_housing_market_hits_sharpest_skid_on_record_data%E2%80%9D\"><\/span>&#8220;US luxury housing market hits sharpest skid on record: data&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Even high-end luxury homes aren\u2019t immune from the US housing market\u2019s ongoing slump, according to the latest data released by real estate firm Redfin this week.<\/p>\n<p>Sales of luxury homes \u2013 defined as properties that are estimated to be in the top 5% based on market value \u2013 plummeted by a whopping 38.1% in the three-month period ending on Nov. 30 compared to the same time one year ago, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.redfin.com\/news\/luxury-home-sales-november-2022\/\">according to the firm\u2019s report.<\/a><\/p>\n<p>The decline for high-end real estate marked the sharpest on record since Redfin began tracking the market in 2012. By comparison, sales of non-luxury homes \u2013 properties that fell in the 35% to 65% percentile of the market by estimated value \u2013 declined by 31.4% of the same period.<\/p>\n<p>Long Island\u2019s Nassau County posted the largest decline in ritzy home sales of any market in the country \u2013 with the volume of transactions plunging 65.6% compared to last year. Several markets in California, including San Jose and Anaheim, also ranked near the top of the list.<\/p>\n<p>\u201cThe luxury market and the overall housing market have lost momentum this year due to many of the same factors: inflation, relatively high interest rates, a sagging stock market and recession fears,\u201d Redfin said in a blog post on the trend.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/luxury-homes-sale-221230-08.jpg?w=1024\" alt=\"Luxury homes\" class=\"wp-image-25188462\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/luxury-homes-sale-221230-08.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/luxury-homes-sale-221230-08.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/luxury-homes-sale-221230-08.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Some experts expect home prices to plunge 20% in the year ahead.<\/figcaption><figcaption><span class=\"credit\">Getty Images\/iStockphoto<\/span><\/figcaption><\/figure>\n<p>Redfin cited several factors as responsible for freeze-over in luxury real estate, including a dismal outlook for investment properties as home prices decline, tightened budgets as a recession looms and potential losses in the stock market portfolios of wealthy buyers.<\/p>\n<p>Rising mortgage rates have crimped affordability for all prospective buyers who face the prospect of steeper monthly payments for their new homes.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/luxury-homes-sale-221230-06.jpg?w=1024\" alt=\"Luxury homes\" class=\"wp-image-25188459\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/luxury-homes-sale-221230-06.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/luxury-homes-sale-221230-06.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/luxury-homes-sale-221230-06.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The US housing market is in the midst of a correction.<\/figcaption><figcaption><span class=\"credit\">Getty Images\/iStockphoto<\/span><\/figcaption><\/figure>\n<p>The average 30-year fixed-rate mortgage hovered at 6.42% as of Thursday, according to Freddie Mac. Rates have roughly doubled in the start of the year as the Federal Reserve hiked interest rates.<\/p>\n<p>However, mortgage rates have fallen slightly since topping 7% during the fall \u2013 a trend that could cause a thaw in the market over time.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"768\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/chart-homes-sold.png?w=1024\" alt=\"Luxury homes\" class=\"wp-image-25188467\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/chart-homes-sold.png?w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/chart-homes-sold.png 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/chart-homes-sold.png?w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The decline in luxury home sales was the largest on record since Redfin began tracking data in 2012.<\/figcaption><\/figure>\n<p>\u201cWith mortgage rates falling, a lot of house hunters see this as their moment to come back and compete,\u201d Seattle Redfin agent\u00a0Shoshana Godwin said.<\/p>\n<p>As The Post has reported, home prices have already begun to fall in many markets \u2013 and housing experts expect the trend to intensify in the year ahead.<\/p>\n<p>Experts at DataTrek and Pantheon Macroeconomics have each predicted home prices could decline by 20% during the ongoing correction.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/12\/30\/us-luxury-housing-market-hits-sharpest-skid-on-record-data\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;US luxury housing market hits sharpest skid on record: data&#8221; Even high-end luxury homes aren\u2019t immune from the US housing market\u2019s ongoing slump, according to the latest data released by real estate firm Redfin this week. Sales of luxury homes \u2013 defined as properties that are estimated to be in the top 5% based on&#8230;<\/p>\n","protected":false},"author":1,"featured_media":533024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/luxury-homes-sale-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[137810,5069,12156,91261,77579],"class_list":["post-533023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-30-22","tag-economy","tag-housing","tag-recession","tag-residential-real-estate"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/533023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=533023"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/533023\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/533024"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=533023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=533023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=533023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}